POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

ACCO – 4063 -THEORY OF ACCOUNTS

FIRST EVALUATION EXAMINATION
November 27, 2016

MULTIPLE CHOICE – Choose the best answer. There are 75 items.

ENVIRONMENT OF ACCOUNTING PROFESSION

1. Which of the following is the definition of accounting?
i. Accounting is a service activity and its function is to provide quantitative information, primarily
financial in nature, about economic entities, that is intended to be useful in making economic
decisions.
ii. Accounting is the art of recording, classifying, and summarizing in a significant manner and in
terms of money, transactions and events which are in part at least of a financial character and
interpreting the results thereof.
iii. The process of identifying, measuring, and communicating economic information to permit
informed judgment and decisions by users of information.
Choices (possible answers)
a. i only b. i and iii only c. ii only d. i, ii, and iii

2. Accounting standards are:

a. a codified body of laws passed by congress.
b. observable body of laws of nature that is useful in solving problems of humanity.
c. a network of broad guidelines, rules, and procedures that represent the generally accepted
accounting principles, which define the practice of financial reporting now and for all eternity.
d. a network of broad guidelines, rules, and procedures that represent the generally accepted
accounting principles, which define the practice of financial reporting at a particular time.

3. Which independent private body was formed in 1973 to make uniform the accounting principles that
companies throughout the world use for financial reporting?
a. Financial Accounting Standards Board (FASB)
b. International Accounting Standards Board (IASB)
c. International Accounting Standards Committee (IASC)
d. Philippine Institute Of Certified Public Accountants (PICPA)

4. On April 1, 2001, the IAS Committee was reconstituted into

a. Financial Accounting Standards Board (FASB)
b. International Accounting Standards Board (IASB)
c. American Institute of Certified Public Accountants (AICPA)
d. Philippine Institute of Certified Public Accountants (PICPA)

5. IFRS are a set of global accounting standards developed by the IASB for the preparation of financial
statements. The use of IFRS can
i. increase the quality, comparability, and transparency of financial information.
ii. can help facilitate business as it increase credibility of financial reports which in turn,
improves access to credit and investment.
iii. can simplify the financial reporting process especially for companies with subsidiaries
operating in different countries.
Choices (possible answers)
a. i only b. i and ii only c. ii and iii only d. i, ii, and iii

6. Prior to 2001, the Philippine accounting standards were based on the accounting standards
promulgated by the
a. Financial Accounting Standards Board (FASB) of the United States.
b. Philippine Institute of Certified Public Accountants
c. American Association of Accountants
d. Securities and Exchange Commission

7. The original accounting standard setting body in the Philippines was created in November 18, 1981. It is
known as the:
a. Accounting Standards Council (ASC)
b. Association of CPAs in Education (ACPAE)
c. Financial Accounting Standards Board (FASB)
d. Philippine Institute of Certified Public Accounts (PICPA)
8. As per RA 9298, the Philippine Professional Regulation Commission created the Financial Reporting
Standards Council composed of 15 members, including the chairman. Which of the following are
represented in the FRSC?
i. Bureau of Customs
ii. Commission on Audit
iii. Board of Accountancy
iv. Securities and Exchange Commission

Possible answers:
a. i, ii, and iii b. ii, iii, and iv c. iii and iv d. i and ii

9. The main function of the Financial Reporting Standards Council (FRSC) is:
a. To establish generally accepted accounting standards in the Philippines.
b. To standardize and regulate the accounting education in the Philippines.
c. To govern the examination and registration of Certified Public Accountant.
d. To supervise, control and regulate the practice of accountancy in the Philippines.

10. The proper application of accounting principles is most dependent upon the
a. existence of specific guidelines.
b. oversight of regulatory bodies.
c. external audit function.
d. professional judgment of the CPA.

11. Which branch of accounting focuses on the preparation and presentation of general purpose reports
known as financial statements?
a. Taxation c. Financial Accounting
b. Internal Auditing d. Management Advisory Services

12. Which of the following are valid statements regarding financial reporting and accounting standards?
i. Financial reporting provides information that is relevant to investment, credit, and public
policy decisions.
ii. Accounting standards are those accounting principles with substantial authoritative support.
iii. Once developed, accounting standards are not changed.
iv. The adoption of global financial reporting standards promotes comparability of financial
information across national boundaries.

Choices (possible answers)

a. i only b. i and iii only c. i, ii and iv only d. i, ii, iii, and iv

13. A conceptual framework for financial reporting is

a. A statement of financial accounting standards that deal with the presentation of financial
statements.
b. An embodiment of generally accepted accounting principles that guide users of financial
statements.
c. A basic accounting assumption that guides accountants in the preparation of tax reports.
d. A theoretical foundation that guides the Financial Reporting Standards Council in developing
accounting standards, as well as preparers and users of financial accounting information in the
preparation and presentation of financial statements.

14. Which of the following is not within the scope of the Conceptual Framework?
a. Objectives of financial statements.
b. Form of presentation of financial statements.
c. Nature and definition of the elements of financial statements.
d. Qualitative characteristics that make financial statements useful to users.

15. Which of the following is NOT a valid statement regarding the Conceptual Framework?
a. It sets out the concepts that underlie the preparation and presentation of financial statements
for external users.
b. It is not a Philippine Financial Reporting Standard and hence does not define standard for any
particular measurement or disclosure issue.
 c. It is concerned with special financial purpose reports, for example, prospectuses and
computations prepared for taxation purposes.
d. It applies to the financial statements of all commercial, industrial, and business reporting
enterprises, whether in the public or private sector.

16. Which of these are included in the Conceptual Framework?

‘i. the objective of financial statements
ii. the qualitative characteristics of accounting information
iii. the reporting entity
iv. the elements of financial statements
v. the concepts of capital and capital maintenance
Choices (possible answers)
a. i and ii only b. iii and iv only c. iv and v only d. i, ii, iii, iv and v

17. The objective of financial statements is to provide information about an entity’s

(i) financial position (ii) Financial performance
(iii) Cash flow (iv) Current events affecting the economy

Choices (possible answers)

a. i b. i and ii c. i, ii, and iii d. i, ii, iii, and iv

18. Financial statements are prepared primarily to address the information needs of:
a. Existing and potential investors, lenders, and other creditors.
b. Employees and labor unions
c. Students of accountancy
d. General public

19. Financial statement provides users with information about the performance of an enterprise that is
required in order to assess potential changes in the economic resources that it is likely to control in the
future. This information is primarily reflected in the
a. Statement of cash flows
b. Statement of changes in equity
c. Statement of financial position
d. Statement of comprehensive income.

20. The providers of risk capital (investors)

a. are interested in information that enables them to assess the ability of the enterprise to provide
remuneration, retirement benefits and employment opportunities.
b. are interested in information that enable them to determine whether their loans receivable and
the interest attaching to them will be paid when due.
c. have an interest in information about the continuance of an enterprise especially when the
enterprise provides 40% of their sales revenue.
d. are concerned with the risk inherent in and return provided by their investments and need
information to help them determine whether they should buy or sell the investments.

21. Information about financial flexibility is useful in predicting the

a. ability of the enterprise to meet its financial commitments in the near term.
b. ability of the enterprise to meet its financial commitments over a long term.
c. future borrowing needs and how future profits and cash flows will be distributed among
interested users.
d. ability of the enterprise to use its available cash for unexpected requirements and investment
opportunities

22. The accrual basis of accounting means that

a. the effects of transaction and other events are recognized when they occur and not when cash
or its equivalent received or paid. The transactions are recorded in the accounting records and
reported in the financial statements of the periods to which they relate.
b. the financial statements are normally prepared on the assumption that an entity is a going
concern and will continue in operation for the foreseeable future.
c. consolidated financial statements are prepared for the parent and its subsidiaries under the
concept of economic entity.
d. the accounting function is to account for nominal pesos only and not for the purchasing power
of the pesos.
23. Which one of the following represents the best source for assessing the consistency of a company’s
financial statements?
a. The auditor’s report.
b. The face of the financial statements.
c. The management’s discussion and analysis section of the annual report.
d. The “summary of significant accounting policies” section of the notes to the financial
statements.

24. The going concern assumption means that

a. where parent and subsidiary relationship exists, consolidated statements for affiliates are
prepared because the parent and the subsidiary are a “single economic entity.”
b. the accounting function is to account for nominal pesos and not for the constant peso changes
in the purchasing power.
c. the enterprise will continue in operation for the foreseeable future and the enterprise has
neither the intention nor the need to liquidate or curtail materially the scale of its operations.
d. the indefinite life of an enterprise is subdivided into accounting periods which are usually of
equal length for the purpose of preparing financial reports on financial position, performance
and cash flows.

25. The fundamental qualitative characteristics are

a. comparability and verifiability
b. timeliness and understandability
c. relevance and faithful representation
d. faithful representation and comparability

26. The elements of faithful representation are:

a. completeness, neutrality and freedom from error.
b. confirmatory value, predictive value, materiality.
c. assets, liabilities and equity.
d. income and expenses.

27. The elements of relevance are:

a. completeness, neutrality and freedom from error.
b. confirmatory value, predictive value, materiality.
c. assets, liabilities and equity.
d. income and expenses.

28. Applying the fundamental characteristic of faithful representation, a preferred share capital with a fixed
redemption date, a fixed dividend rate, and fixed dividend dates should be reported as:
a. an asset b. a liability c. an equity d. a revenue

29. The enhancing qualitative characteristics of financial information is/are:

a. Comparability
b. Comparability and verifiability
c. Comparability, verifiability and timeliness
d. Comparability, verifiability, timeliness, and understandability.

30. Recognition is the process of presenting a financial statement element on the face of the financial
statement. The general recognition criteria are:
‘i. The event results to a probable inflow to or probable outflow from the enterprise of
resources embodying economic benefits.
ii. The event results to a possible inflow to or possible outflow from the enterprise of resources
embodying economic benefits.
iii.The element has a cost or value that could be reliably measured
Choices (possible answers)
a. i b. i and ii c. i and iii d. i, ii, and iii

31. The financial concept of capital is the

a. net assets or equity of the entity, measured in nominal monetary units.
b. operating capacity of the entity, regarded as the productive capacity of the entity.
c. profit earned if the financial or money amount of the net assets at the end of the period exceeds
the financial or money amount of net assets at the beginning of the period.
 d. profit earned only if the physical productive capacity of the entity at the end of the period
exceeds the physical productive capacity at the beginning of the period.

32. Which of the following steps in the accounting cycle are listed in logical order?
a. Post the reversing entries, prepare the financial statements and then take an unadjusted trial
balance.
b. Prepare the closing entries, prepare the adjusting entries and then prepare the financial
statements.
c. Prepare an unadjusted trial balance, prepare the adjusting entries, and then prepare the
financial statements.
d. Post the closing entries, take a post-closing trial balance and then, prepare financial statements.

33. Which of the following steps in the accounting cycle is not part of the recording phase?
a. Business documents are received and analyzed.
b. Transactions are journalized
c. Transactions are posted to the ledger
d. Financial statements are prepared.

34. Which of the following describes a general journal?

a. The general journal directly provides data for a trial balance.
b. The general journal eliminates the need for control accounts in the general ledger.
c. The general journal provides a continuing balance of the amount to-date in each of the
accounts.
d. The general journal provides a chronological listing of transactions in a debit-credit form.

35. An accounting devise that is used to store the recorded monetary information from the entity’s
transaction and events is called the “account”. A group of related accounts is called the
a. Account b. journal c. ledger d. source document

36. The system of bookkeeping that recognizes the two-fold effects of an accountable event is known as:
a. Double-entry system
b. Single-entry system
c. Cash basis accounting
d. Accrual basis accounting.

37. At what step in the accounting cycle is the GAAP typically applied?
a. Journalizing b. Posting c. Trial Balance d. Reversing entries.

38. In recording transactions,

a. assets, expenses, and drawing accounts are credited for increases.
b. liabilities, revenue and capital accounts are credited for increases.
c. assets, expenses and drawing accounts are debited for decreases.
d. the word “debit” means increase and the word credit means “decrease”.

39. A voucher is
a. An internal document used in a company’s accounts payable department in order to collect and
organize the necessary documentation and approvals before making payments. It is usually
supported by the Supplier’s Invoice, Purchase Order, Receiving Report and Quality Assurance
Report.
b. A company’s list of employees with the corresponding computation of employee earnings
corresponding to a pay period.
c. A document that evidences receipt of money used businesses for tax and accounting purposes.
d. A bill that is received by a purchaser of goods or services from an outside supplier.

40. Under the voucher system, a voucher register is the

a. subsidiary for the vouchers payable account where the vouchers are arranged in the order of
required date of payment.
b. journal where all vouchers are recorded in numerical sequence.
c. business document that authorizes every cash disbursement.
d. journal where all checks issued for payment are recorded.
41. Which of the following is not a correct way of handling a voucher system?
a. Purchases are recorded in the voucher register at gross by debiting purchases and crediting
vouchers payable.
b. Payment of purchases with discounts is recorded in the check register by debiting vouchers
payable at net and crediting respectively cash in bank and purchase discounts.
c. In case there are purchase returns and allowances, there will be a need to cancel the original
voucher and the issuance of a new one for the lower amount.
d. When installments or other payments are made on an invoice, a separate voucher is prepared
for the amount of each check issued.

42. Which of the following is not an advantage of double entry bookkeeping?

a. It reveals all clerical errors.
b. It provides more effective internal control.
c. The complete effect of all transactions is recorded.
d. Complete accounting permits fair presentation of financial statements.

43. Which of the following documents will NOT require a journal entry?
a. personnel requisition to fill-up a vacancy
b. disbursement check issued
c. official receipt issued
d. pldt bill received

44. MANINGNING Corporation prepared the trial balance for the year ended December 31, 2015. The total
debits exceeded the credits by P300. Which of the following could explain the imbalance?
a. Sales of P300 were omitted from the sales day book.
b. Sales Returns balance of P150 were posted to the credit side of the trial balance.
c. The Cash-in-Bank ledger account did not agree with the bank statement by P300.
d. Purchase Discounts received of P150 were posted to the debit column of the trial balance.

45. The total of trial balance debit column represents

a. total assets.
b. total liabilities.
c. total liabilities and equity.
d. nothing meaningful.

46. IAS 1 – PRESENTATION OF FINANCIAL STATEMENT deals with:

‘i. Overall requirements for the presentation of financial statements.
ii. Proper presentation of the Statement of Goods Manufactured and Sold.
iii.Minimum requirement for financial statement content.
iv.Guidelines for financial statement structure.

Choices (possible answers)

a. i only b. ii and iv only c. iii and iv only d. i, iii, and iv

47. IAS 1 is applied to general purpose statement prepared and presented in accordance with International
Financial Reporting Standards. General purpose statements refer to
a. those financial statements that are intended to meet the needs of users who are not in a
position to demand reports tailored to meet their particular information needs.
b. those financial statements that are made for special situations such as Statement of Affairs and
Statement of Liquidation.
c. those reports needed by managers of a business for decision making such as Product
Profitability Analysis.
d. various BIR forms duly filled up.

48. Which of the following statements is correct?

a. All the financial statements should be dated as of the last date of the period being reported.
b. All the financial statements should be dated as a period of time for which the report is being
rendered.
c. The Statement of Position is dated as of a certain date, usually the end of the period being
reported.
d. The Statement of Cash Flows is dated as of a certain date, usually the end of the period being
reported.
 49. The following are the components of financial statements, except:
a. Aging of Accounts Receivables
b. Statement of financial position
c. Statement of Comprehensive Income
d. Statement of changes in the Shareholders’ Equity.

50. Accounting policies should be presented in the notes to financial statements. Which statement about
accounting policies is not valid?
a. Accounting policies are the specific principles, bases, conventions, rules and practices applied by
an entity in preparing and presenting financial statements.
b. In the hierarchy of accounting policies, the requirements of an applicable accounting standard
or an interpretation should be presented first.
c. In the same hierarchy, the management judgment/decision that results to relevant and reliable
information should be presented after those required by the standard.
d. There is no need to present the accounting policies in the notes to financial statements.

51. Which is one of the general features of financial statement presentation?

a. Cash basis of accounting.
b. Fair presentation and compliance with IFRS.
c. Comparative information versus the financial statement of the industry leader.
d. Publication of quarterly statement of financial position in newspapers of general circulation at
the end of every quarter.

52. Which statement about offsetting is correct?

a. Overdraft in one bank may be offset versus cash deposit in another bank.
b. Open accounts (receivables and payables) with the same entity should be offset.
c. Expenses may be offset against related revenue like Sales may be presented net of warranty
expenses.
d. Assets and liabilities, and income and expenses, may not be offset unless required or permitted
by a Standard or an interpretation.

53. The financial statements shall be identified clearly and distinguished from other information in the
same published documents. In other words, financial statements should have the appropriate heading.
Which of the following should be part of the heading?
i. The name of the reporting entity
j. Whether the financial statements cover the individual entity or a group of companies.
k. The end of the reporting period or the period covered by the financial statements
l. The presentation currency
m. The level of rounding used in the presenting the amounts
n. The name of the major shareholder

Choices (possible answers)

a. J,k,l b. m,n, c. i, j,k,l,m d. j,k,l,m,n

54. Which statement about the format of Statement of Comprehensive Income is true?
j. The Statement of Comprehensive Income can use one-statement format, wherein there is continuous
presentation divided into two parts namely (a) profit or loss and (b) other comprehensive income.
k. The Statement of Comprehensive Income can use two-statement format. There is a separate income
statement showing components of profit or loss and another separate statement of comprehensive
income.

Choices (possible answers)

a. j and k b. j only c. k only d. no correct answer given
Use the following for numbers 55 and 56. Listed below are the characteristics of current assets and
current liabilities.
i. Held primarily for the purpose of trading.
j. It is expected to be settled in the entity’s normal operating cycle.
k. It is due to be settled within 12 months after the reporting period
l. Expected to be realized within 12 months after the reporting period.
m. Expected to be realized in, or for sale, or consumption in the entity’s normal operating cycle.
 n. The entity does not have an unconditional right to defer settlement of the liability for at least 12
months after the reporting period.
o. Cash or cash equivalent, unless restricted from being used or exchanged to settle a liability for at
least 12 months after the reporting period.

55. Which of the characteristics listed above applies to current assets?

a. j, k, l, m b. i, l, m, o c. i, j, k,n d. i, m, n, o

56. Which of the characteristics listed above applies to current liabilities?

a. j, k, l, m b. i, l, m, o c. i, j, k,n d. i m, n, o

57. Which of the following is not among the disclosures in the financial statements?
a. The domicile and legal form of the entity, its country of incorporation and the address of the
registered office.
b. A description of the nature of the entity’s operations and principal activities.
c. The amount of noncumulative preference share dividends not declared.
d. Contingent liabilities and unrecognized contractual commitments.

58. An entity should prepare a Statement of Cash Flows and should present it as a/an
a. Note to financial statement.
b. Supplementary financial statement.
c. Integral part of the entity’s basic financial statements.
d. Supporting schedule for the amount appearing as cash and cash equivalent.

59. It is an objective of the statement of cash flows to

a. disclose the change in working capital during the period.
b. disclose changes during the period in all assets and all equity accounts.
c. provide information about the operating, investing and financing activities of an entity during a
period.
d. none of these.

60. Which of the following is the least likely benefit from statement of cash flows?
a. It enables users to evaluate the changes in net assets of the entity and its financial structure
including its liquidity and solvency.
b. It is useful in assessing the ability of the entity to generate cash and cash equivalents in the
future.
c. It enables users to develop models in assessing and comparing the present value of the future
cash flows of different entities.
d. It enables users to evaluate the financial performance and financial position and the entity.

61. Which statement is incorrect concerning cash equivalents?

a. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than
for investments purposes.
b. An investment normally qualifies as a cash equivalent only when it has a short maturity of three
months or less from the date of acquisition.
c. For an investment to qualify as cash equivalent, it must be readily convertible to known
amounts of cash and subject to a significant risk of changes in market value.
d. Equity investments are excluded from cash equivalents unless they are in substance cash
equivalents, as in the case of preferred shares acquired within a short period to their maturity
and with a specified redemption date.

62. ABC Company purchased a three-month treasury bill. The company’s policy is to treat cash equivalents
all highly liquid investments with an original maturity of three months or less when purchased. How
should this purchase be reported in the statement of cash flows?
a. As an outflow from operating activities.
b. As an outflow from investing activities.
c. As an outflow from financing activities.
d. Not reported.
63. Under the indirect method of preparing statement of cash flows, the net cash flow from operating
activities is determined by:
a. adjusting the profit before income tax for depreciation, foreign exchange loss, income from
associates, interest expense, changes in trade and other receivables, changes in inventories, and
changes in trade payables.
b. adjusting the profit after income tax for depreciation, foreign exchange loss, income from
associates, interest expense, changes in trade and other receivables, changes in inventories, and
changes in trade payables.
c. adjusting the gross profit for depreciation, foreign exchange loss, income from associates,
interest expense, changes in trade and other receivables, changes in inventories, and changes in
trade payables.
d. adjusting the total comprehensive income for depreciation, foreign exchange loss, income from
associates, interest expense, changes in trade and other receivables, changes in inventories, and
changes in trade payables.

64. Which of these is a cash flow from investing activities?

a. Cash payments to employees as payment of their services.
b. Cash proceeds from issuing shares or other equity instruments.
c. Cash receipts and payments from contracts held for dealing or trading purposes.
d. Cash payments to acquire property, plant and equipment, intangibles and other long-term
assets. These payments include those relating to capitalized development costs and self-
constructed property, plant and equipment.

65. Which of these is a cash flow from financing activities?

a. Cash loans made by a bank or a financing company.
b. Cash advances or loans made by a manufacturing company to an important supplier.
c. Cash proceeds from issuing own capital shares or other equity instruments.
d. Cash receipts from the sale of goods and the rendering of services.

66. Which of the following statements about the presentation of non-cash investing and financing
activities is false?
a. Acquisition of assets by COD (cash-on-delivery) purchase is an example of non-cash investing
and financing activity.
b. Acquisition of assets either by assuming directly related liabilities or by means of a finance lease
is an example of non-cash investing and financing activity.
c. Non-cash investing and financing activities shall be excluded from the face of the statement of
cash flows.
d. Non-cash investing and financing activities shall be disclosed elsewhere (i.e. notes to financial
statements) in the financial statements in a way that provides all relevant information about
these investing and financing activities.

67. Accounting policies are

a. operating manuals for computer programs used in processing accounting data.
b. attributes that make the information provided in financial statement useful to users.
c. concepts that underlie the preparation and presentation and presentation of financial
statements for external users.
d. specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing
and presenting financial statements.

68. Changes in accounting policy are generally reported as adjustments to

a. prior period statements.
b. future period statements only.
c. current period statements only.
d. no adjustment required.

69. The summary of significant accounting policies shall describe

j. The measurement basis used in preparing the financial statements.
k. The accounting policies used that are relevant to an understanding of the financial
statements.
Which is correct?
a. j only b. k only c. both j and k d. neither j nor k
70. A change in accounting policy shall be made when
j. required by a Standard or an interpretation of the Standard.
k. the change will result in more relevant or reliable information about financial position,
performance and cash flows.
a. j only b. k only c. both j and k d. neither j nor k.

71. Which term below means “applying a new accounting policy to transactions, other events and
conditions as if that policy had always been applied”?
a. Retrospective application
b. Retrospective restatement
c. Prospective application
d. Prospective restatement

72. Which term below means “correcting the recognition, measurement and disclosure of amounts of
elements of the financial statements as if a prior period error had never occurred”?
a. Retrospective application
b. Retrospective restatement
c. Prospective application
d. Prospective restatement

73. A change in the periods benefited by a deferred cost because additional information has been obtained
is a
a. Prior period error.
b. Change in accounting policy.
c. Change in accounting estimate.
d. Event after the statement of financial position date.

74. When an entity changes an accounting policy voluntarily, it has to

a. account for it retrospectively.
b. inform shareholders prior to taking the decision.
c. treat the effect of the change as an extraordinary item.
d. treat it prospectively and adjust the effect of the change in the current period and future period.

75. Counterbalancing errors do not include

a. errors that correct themselves in two years.
b. errors that correct themselves in forty years.
c. error in purchases cut off.
d. an overstatement of prepaid expenses.

The End
 ACCO 4063- Theory of Accounts

1. D 16. D 31. A 46. D 61. C

2. D 17. C 32. C 47. A 62. D
3. C 18. A 33. D 48. C 63. A
4. B 19. D 34. D 49. A 64. D
5. D 20. D 35. C 50. D 65. C
6. A 21. D 36. A 51. B 66. A
7. A 22. A 37. A 52. D 67. D
8. B 23. D 38. B 53. C 68. A
9. A 24. C 39. A 54. A 69. C
10. D 25. C 40. B 55. B 70. C
11. C 26. A 41. B 56. C 71. A
12. C 27. B 42. A 57. C 72. B
13. D 28. B 43. A 58. C 73. C
14. B 29. D 44. B 59. C 74. A
15. C 30. C 45. D 60. D 75. B

No. of checks / .75 items x .714 + 28.6